The Real Deal New York

Sky View Parc half sold

May 17, 2012 12:00PM

The Flushing, Queens luxury condominium development Sky View Parc is now 50 percent sold, developer Onex Real Estate Partners told The Real Deal in a statement today. The project, at 40-22 College Point Boulevard, was relaunched last June, according to the developer.

So far, 314 residential units of 448 have hit the market in towers one and three at the development. Tower two is not being marketed yet, and the developer indicated that a time frame for its premiere has not been established.

Onex, a New York- and Toronto-based private equity firm, took over management duties at the $1 billion venture from its partner, the Muss Organization, in 2010. Dozens of buyers filed suit that same year in an attempt to renege on their contracts and get their deposits back from the developers, making use of the 1968 federal law known as the Interstate Land Sales Full Disclosure Act, which requires developers of large buildings to provide certain information to buyers. The suit was settled in 2011, and sales at the project rebounded shortly after.

Sky View Parc offers studio, one-bedroom, two-bedroom and three-bedroom residences with asking prices ranging from $375,000 to $835,000. The homes feature nine-foot ceilings, marble baths, a 24-hour staffed lobby, tennis and basketball courts and indoor valet parking, and offer owners a 15-year 421-A tax abatement, the statement says.

“Achieving this important sales milestone is a major accomplishment for Sky View Parc,” Helen Lee, director at Onex, said in the statement. “We look forward to an even stronger summer sales season.” — Guelda Voien